In a clear sign of its dominant market position, Emirates NBD has been ranked the largest bank in the Middle East by Global Finance, which also recognised Emirates NBD as one of the top 50 banks across all international emerging markets.
These independently compiled rankings by Global Finance, a monthly magazine headquartered in New York, confirm the status of Emirates NBD as the leading bank in the region – and as an increasingly significant presence globally at a time when key emerging markets continue to drive the global economy out of recession.
Despite the impact of the global financial downturn, Emirates NBD has sustained a year-on-year compound annual growth rate (CAGR), supported by its focus on sustainable growth and its ongoing new business product and service launches such as Emirates NBD Asset Management, Emirates Money and Gold Business. The bank projects that it will sustain this growth over the next three years, on the back of strategic policies and further long-term initiatives, according to Jamal Bin Ghalaita, Deputy Chief Executive Officer, Emirates NBD Group.
"We are very pleased that the bank's strong performance has been recognised by Global Finance," said Bin Ghalaita. "Over the past three years, Emirates NBD Group has grown its portfolio three-fold and expanded its UAE-wide network to more than 130 branches and over 700 ATMs.
"Today, with more than 8000 employees , Emirates NBD is also directly contributing to the economic growth and diversification of the UAE as an employer of choice and leader in Emiratisation among financial services firms," he said. "We look forward to sustaining our growth in the years to come."
"This year's results show that almost two years into the storm that many believed would send the emerging markets into a tailspin, the leading banks of the developing world are proving bigger, stronger and more resilient than ever," said Joseph Giarraputo, Publisher and Editorial Director, Global Finance.
Global Finance assembled these lists with the help of Bankersalmanac. The basis of all Global Finance rankings was the size of total bank assets as of the end of 2009. For further information related to these rankings, please visit: GFmag.com.